How to File Form 8962 for 2022. Step-by-Step Guide on Premium Tax Credit
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- Опубліковано 14 жов 2024
- If a taxpayer signed up for health insurance through the marketplace, they likely received a Form 1095-A at the end of the year. You must use the information on Form 1095-A to complete IRS Form 8962.
Form 8962 reconciles the final amount of Premium Tax Credit available to the taxpayer with the amount of advanced premium credits received during the year.
Once the form is completed, a taxpayer will generally receive either an additional tax credit or be required to repay a portion of the advanced premium amounts. If a taxpayer fails to include Form 8962 with their tax return when they received a Form 1095-A, they might receive an IRS tax notice.
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My guy gives amazing explanation, get him into congress!
Thanks for the support!
Very well presented, Jason. How do you know how much health care premiums were paid out of pocket for the self-employment healthcare deduction? Is that total listed anywhere ? Or just a taxpayer record?
I retired last year and was covered under insurance from my job. In December 2023, I start receiving Medicare Insurance. I filed my 2023 taxes timely with my 27 year old son as a dependent and owed and paid my taxes. I just received a letter in the mail from IRS stating that Form 8962 and Form 1095-A is needed as insurance was provided thru the Health market. I was not aware that my son applied for Obama Care coverage. I have completed Form 8962 but not sure how to complete Part IV Allocation of Policy Amounts or maybe I don't have to as only my son had coverage through the health market.
Do you have an example if the 1095-A is shared by multiple households (i.e., child is no longer dependent on taxes, but on insurance)? or completing part IV.
Can you explain more about column C annual contribution?
Do I input 8b for the months I was not enrolled?
Hello. I usually use Turbo Tax to file. I took Medicare because I'm 69. My wife is 64 so I had to buy insurance. I'm still working full time and drawing Social Security. Turbo Tax wasn't very helpful, do you know what would be the better way to go?
Amazing explanation
Glad to hear it was helpful. Thanks for your support!
Thanks Jason. Very informative!
Thank you for this video, it helped so much
Glad it helped!
Great explanation! Thank you so much!
What if lines 24 and 25 are both zeros??!! Btwi great video thank you!
Hi what if I have a dependent I’m claiming on taxes but they don’t have my insurance
Did you get an awnser for this? Im in the same boat
How can I calculate the alternative monthly contribution if I was covered from January thru September but married in May?
So I actually need to fill out an 8962 for my 2023 taxes. I have my 8962 form. I have the instructions. I have my 1095 form. My issue is, it wants my AGI from my 1040. do I use my AGI from my 2022 taxes? If not, how do I figure out my AGI for my 2023 taxes?
Thank you!
Muchas gracias por tus videos
Thanks
You're welcome!
Thank you for this video, Jason. Very helpful. I have a question. I was issued a 1095A for 2 months I was covered in 2022. I tried filing the 8962 form but was rejected by the IRS indicating that my total exemptions on line 1 which is 2. Issue: Business rule F8962-006-01 form 8962 line 1 TotalexemptionsCnt has a non zero value then line 5 federalpovertylevelpct must be equal to line 3HouseholdincomeAmt must be equal to line 3. HouseholdAmt divided by line4 povertyLevel amt. I am not sure how to correct this since my income is less than the poverty level amt. and it’s not for a full year of premiums. I’m confused as I’m not sure if this needs to be submitted since it was only for 2 months. Any help would be appreciated.
Wondering the same thing. I only had the plan for 5 months, I cancelled because I thought my income was going to higher and did not want to be left paying a lot back. But it seems if you have 0 in any boxes it causes problems.
if your dependent child (lives with father but covered in the marketplace by the their mother), is the father still required to file a form 8962 even though he does not have access to the mother's form 1095-A and did not paid/received any premium tax credits?
Thank you very much: it is a great help!
In Part III, if the tax payer has the dollar amount have to repay? what to do with it?
im trying to fill up my 8962 form but what is rthe other 1040 form. im confused now
I suspect you want Schedule 2 (form 1040) or Schedule 3 (form 1040)
I was confused by the form label as well
We had to use Sch 2 last year bc we had no credit. This year we have credit and we’ll use Sch 3. At irs site, look up these schedules 2 & 3
I am having to fill out the 8962 but I have 2 1099-A for the year do I need to fill out out 2 8962 forms
Arr we looking for the agi from last year's 1040?
What needs to be done with parts IV and V?
I understand that those only apply if you were married/divorced/or separated,
in 2023
thanks, great video.
Thank you! Glad it was helpful.
What if the year is wrong on form?
If we are filling individually do we need to fill part 5 or not?
Generally no. Part V is optional. It is often completed when a person is nonmarried at the start of the year, and then gets married during the same year. For U.S. tax rules, if you are married on the last day of the tax year, you are considered married for the entire year. The alternative calculation in Part V allows taxpayers to adjust their amounts using tables for single filing taxpayers.
@@JasonDKnott thank you soo much for your help.
😊